Yet another businesses leaves Portland

[OldTengu]

I thought Kotex made a decision from on high about converting vacant commercial to housing for the less than sheltered?

I think that only covers state or city owned properties. If she had made a move that took private properties away from their owners, or even required that building owners had to foot the bill for letting people live in them for free, there would have been a pretty significant uproar. I have heard that there is a push for that federally as well.

 

[oremike]

View: https://www.youtube.com/watch?v=KaYbwbkeC4w

 

[oremike]

I think that only covers state or city owned properties. If she had made a move that took private properties away from their owners, or even required that building owners had to foot the bill for letting people live in them for free, there would have been a pretty significant uproar. I have heard that there is a push for that federally as well.

I haven't been following this only what I've heard on the snews. I just figured it was one of those "good ideas" with no funding kinda like 114.

 

[Howard1955]

Here's a little slice of life from England, 1953.

I wonder if Portland, or any city in the USA, will ever be this wholesome again. I think we used to be.

Skip to 5:45 if you don't want to see the preliminary stuff. Enjoy!

View: https://youtu.be/ix1OLZ_l0_U?si=tNaCsB26aRiZz0sJ

 

[Certaindeaf]

My suggestion - make downtown safe and you will start to see some things come back. The mayor misses this point.

But antifa are a protected species.

 

[msgriff]

Here's a little slice of life from England, 1953.

I wonder if Portland, or any city in the USA, will ever be this wholesome again. I think we used to be.

Skip to 5:45 if you don't want to see the preliminary stuff. Enjoy!

View: https://youtu.be/ix1OLZ_l0_U?si=tNaCsB26aRiZz0sJ

I think Portland is more likely headed towards the "Haitian Barbeque" path. Arm or leg?

 

[The Heretic]

True. It's about denying and deflecting from the real issue so as avoid responsibility and thus not be voted out. Another fun example I've run across is when a once-thriving business leaves downtown, they'll say things like, "Well, their customer base belongs to an aging demographic that must have retired and moved out to the suburbs." They'll entertain any explanation except the real one.

Deflect - that's the word I was looking for (I have noticed the last couple years I seem to have issues trying to find words I want to use - I worry I might have a little aphasia coming on - or if it is just normal aging).

 

[msgriff]

Downtown Portland’s office vacancy rate is highest in the nation, report says

Portland’s central city’s office vacancy rate reached 30.2% by the end of 2023.

www.oregonlive.com

I wonder what percentage of the currently occupied spaces are leased by government agencies or taxpayer funded NGOs.

 

[Howard1955]

Deflect - that's the word I was looking for (I have noticed the last couple years I seem to have issues trying to find words I want to use - I worry I might have a little aphasia coming on - or if it is just normal aging).

 

[Bacchus]

Deflect - that's the word I was looking for (I have noticed the last couple years I seem to have issues trying to find words I want to use - I worry I might have a little aphasia coming on - or if it is just normal aging).

Aphasia - that's the word I was looking for ...

 

[Burt Gummer]

35 year business owner here in Portland and Gov has slowly over time done everything it can to crush small businesses. They truly want only tightly controlled corporate monopolies left by the end of this decade. Clear to see. Two of my friends are leaving, not just Portland, but really leaving. They see the writing on the wall. Always rational, and looking at options that set aside normalcy bias, I've considering it myself. Perhaps if I was in my 20s-40s, but just a little long in the tooth to bail.

WOW! Saw this old 3-year post I made due to a like. He chose to go to Ukraine and started speaking truth about their corruption, the Notsies etc.

He is dead now as the Ukrainians threw him into a slave labor camp, tortured and killed him. He was a US CITIZEN. You know, our friends, the democratic Notsies. A lot of what he said was correct, but did he ever choose POORLY!!

For those that want to leave the USA, make a better choice.

 

[VinnieBoomBah]

How are they getting along with the bankers/investors holding the mortgage documents

REALLY good accountants and decades of high paid lobbyist getting the right kind of legislation passed to change the rules of the game in their favor.

 

[Barefootdog]

REALLY good accountants and decades of high paid lobbyist getting the right kind of legislation passed to change the rules of the game in their favor.

You're not going to overcome the loss in market value associated with a 30% vacancy rate with legislation.

Fact is.....this loss in value (and in the near future loss/foreclosure of the asset) is directly due to Democrat/progressive governance and legislation.

This is a government taking/conversion/wasting of private wealth via government malfeasance with zero due process/compensation or recourse.

 

[BrentN]

This is a government taking of private wealth via government malfeasance.

 

[Provincial]

I've told some of you guys that I've been a building super downtown for the last several years. When I came down here, most of my buildings were mostly vacant. Now pretty much all of the office spaces are vacant, and we're seeing the tenants we have left leaving. I have a feeling the downtown core is going to be pearl district part two soon. No one wants to work down here, and if you have a giant office building with no one in it, it's just a giant schitty investment. I'm betting we'll start seeing building owners gaming out the costs of converting to residential.

I've seen articles where very smart investors are expecting the mortgages on urban commercial properties to come due pretty much all at once. They don't say why, just that the timing is going to happen in a small window. My guess is that many bets were made as we recovered from the Great Recession, and that was about 15 years ago. That may be the term of the loans, or maybe the multiple of 5 year terms.

Anyway, if the commercial loans all come due nationwide, and there are many defaults, there will be a big hit on the banks. The government will be tempted to print a lot of money to bail them out, and even then, there will be a lot of real estate wealth destroyed.

 

[Burt Gummer]

Wealth is never destroyed. Only transferred. The banksters always come out on top.

 

[oremike]

One only needs to look at the O&C Lands to see how the government take over of property could go. It worked in the woods and would be even easier in an urban environment.

https://crsreports.congress.gov/product/pdf/R/R42951

 

[WillametteWill]

Wealth is never destroyed. Only transferred. The banksters always come out on top.

I'm gonna go out on a limb and say wealth was truly destroyed during the summer of love in PDX. Property is damaged, individuals or insurance companies have to pay or not rebuild (so destroyed), during this time, many are now unemployed due to damaged businesses. If they didn't rebuild, banks now had properties worth a fraction of what they can sell them for. Go Portland for finding a way to do things wrong in the best way!!!

(I do get and agree with your point in the big picture of most things in life.)

 

[The Heretic]

Leaked document: Amazon expects to save $1.3 billion by slashing office vacancies, terminating leases early, and other moves

This will be another blow to the commercial real-estate market, which is already reeling from remote work, overbuilding, and corporate retrenchment.

www.businessinsider.com

 

[P7M13]

Leaked document: Amazon expects to save $1.3 billion by slashing office vacancies, terminating leases early, and other moves

This will be another blow to the commercial real-estate market, which is already reeling from remote work, overbuilding, and corporate retrenchment.

www.businessinsider.com

Paywall.